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Thursday, September 29, 2022

During the recall week, Californians’ unemployment claims were five times higher than those of other Americans

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The recent unemployment of Californians in insurance claims represents 60 percent of the growth in the entire United States.

Claims across the U.S. were 306,209, up 40,307 more than the previous week, according to this week’s U.S. Department of Labor Report (PDF) on unemployment insurance claims for the week ending Sept. 18.

According to the same report, claims in California increased by 24,221 over the previous week.

According to the latest data from the U.S. Census Bureau, the total population of California, 39.5 million, is only 11.9 percent of the 331.5 million population of the United States.

This means that the increase in claims filed by Californians since last week is five times their proportion to the overall population of the United States (60 percent versus 12 percent).

The 24,000 increase is 60 percent of the 40,000 increase claimed by the entire United States

Looking at the absolute numbers instead of the change, the total claims in California for unemployment insurance for the week ended August 18 were 75,817.

California’s estimated 75,000 claims represent about 25 percent of the 300,000 claims for the entire United States.

This probably points to lower recruitment during the California withdrawal election, which was completed on Sept. 14.

It could point to several school districts in California that give their teachers more time to decide to retire.

The proportion of Californians filing for unemployment insurance claims is twice that of their overall U.S. population (25 percent vs. 12 percent).

The latest data from the state of California’s Department of Employment Development showed a strong economy four weeks before the election. The latest state-level unemployment report highlights data from a survey conducted during the week, including August 11, when the unemployment rate fell to 7.5 percent from 7.6 percent the previous month.

Now that recall elections have been decided and policymakers can return to work, the California economy, as measured by unemployment insurance claims, may begin to look like the overall U.S. economy. Time will tell.

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Tim Scheler is a professional investor and economist based in Southern California. He is a regular columnist for The Epoch Times, where he privately provides some of his key economic analysis.

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This News Originally From – The Epoch Times

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